Pelican State Credit Union Home Loans – Your Guide to Affordable Financing 2024

Purchasing a home is likely one of the biggest financial decisions you’ll make in your life. That’s why it’s important to find the right mortgage lender who can provide you with affordable home loan options tailored to your needs and budget. Pelican State Credit Union has been helping members achieve the dream of homeownership for over 80 years through competitive rates, flexible terms, and excellent member service.

In this comprehensive guide, we’ll provide an overview of Pelican State Credit Union and the home loan programs they offer, so you can determine if they’re the right lender for you.

Overview of Pelican State Credit Union

Pelican State Credit Union is a full-service, not-for-profit financial institution based in Baton Rouge, Louisiana. They have over $1 billion in assets and provide financial services to over 100,000 members across the state.

As a credit union, Pelican State is owned by its members and run by a volunteer board of directors. Their mission is to serve the financial needs of their members. Any profits earned are returned to members in the form of better rates and lower fees.

Pelican State offers a full range of financial products and services including checking and savings accounts, credit cards, auto loans, personal loans, mortgages, home equity loans, and more. They have 17 branch locations across Louisiana for members’ convenience.

Pelican State Credit Union Mortgage Loans

Pelican State Credit Union offers a variety of competitively-priced mortgage loans to meet members’ home-buying and refinancing needs, including:

  • Conventional loans– Fixed and adjustable-rate mortgages for home purchase and refinancing that conform to standards set by Fannie Mae and Freddie Mac.
  • FHA loans– Insured by the Federal Housing Administration, these feature low down payments and flexible credit requirements.
  • VA loans– For eligible military members and veterans, no down payment is required and they offer competitive rates.
  • USDA loans– For low to moderate-income borrowers in rural areas, these require no down payment.
  • Jumbo loans– For luxury home loans above conforming loan limits.
  • Construction loans– Offer financing for major home construction and renovations.
  • Refinancing– Pelican State offers competitive refinancing options to lower your rate and monthly payment.
  • Home equity loans & lines of credit– Use your home’s equity for debt consolidation, home improvements, and other uses.

In addition to these standard mortgage offerings, Pelican State also provides specialized lending programs such as physician loans, 80/10/10 piggyback loans, and energy-efficient mortgages.

Pelican State Credit Union Mortgage Benefits

There are many advantages to getting a mortgage with Pelican State Credit Union, including:

  • Lower interest rates– As a not-for-profit, member-owned institution, Pelican State can offer below-market rates on mortgages and save you money each month.
  • Low fees– You’ll pay lower origination fees and closing costs vs. big banks. There are no application, underwriting, or prepayment penalties.
  • Excellent service– The friendly loan officers take time to understand your unique situation and find the optimal home loan for your needs.
  • Quick loan decisions– Decisions can be made in as little as 24-48 hours thanks to local underwriting. Pre-approvals are easy to obtain as well.
  • Flexible terms– Choose the loan amount, down payment, and terms that fit your budget. Customized loans are available.
  • Easy application– Apply online, over the phone, or in person at a branch. Upload documents securely online for faster processing.
  • Local servicing– Pelican State services 99% of loans in-house, so your mortgage stays close to home.
  • Homebuyer assistance– Access homebuyer education, credit counseling, and downpayment assistance programs.

Finding the right home loan is key to making homeownership affordable and achieving financial peace of mind. Pelican State Credit Union has the experience, resources, and commitment to help make your dream of homeownership a reality.

Frequently Asked Questions about Pelican State Credit Union Mortgages

Buying a home can be complicated, but the knowledgeable mortgage professionals at Pelican State are here to help explain the process and answer your questions. Here are some of the most commonly asked questions about getting a mortgage with Pelican State:

What are the benefits of getting pre-approved for a mortgage?

Getting pre-approved gives you a confirmed loan amount, allows you to make stronger offers on homes, and speeds up the final loan process. Pelican State offers pre-approvals with a commitment letter valid for 90 days.

What credit score is needed to qualify for a mortgage?

Pelican State requires a minimum credit score of 620 for FHA loans and 640 for conventional loans. Higher scores get the best rates. Let Pelican State know if you have any credit issues so they can discuss options.

How much of a downpayment is required?

Conventional loans require as little as 3% down. FHA is 3.5% and VA requires 0% down for qualified applicants. Pelican State also offers 100% financing options.

What documents are needed to apply for a mortgage?

Be prepared to provide your last two years’ tax returns, recent paystubs, bank statements, driver’s licenses, and information on any property you currently own.

How long does the mortgage process usually take?

With completed application documents, pre-approval can take just 1-2 days. After your offer is accepted, closing can occur in as little as three weeks if all goes smoothly.

What closing costs will I have to pay?

Closing costs average 2-5% of your mortgage amount and include origination fees, appraisal fees, title fees, taxes, insurance, and more. Pelican State helps explain costs upfront.

Getting pre-qualified and having your questions answered early helps make your home-buying journey smoother. Pelican State’s experienced mortgage loan officers are ready to assist you.

The Mortgage Process Step-by-Step

While every home purchase is unique, the general process follows the same series of steps:

  1. Prequalification – Meet with a Pelican State mortgage expert or apply online to get pre-qualified. This gives you a pre-approval letter stating the loan amount you’re eligible for.
  2. Search and offer – Now you can confidently shop for homes knowing your price range and make offers backed by your pre-approval letter.
  3. Application – Once your offer is accepted, complete Pelican State’s application and submit all required documents. This kicks off underwriting.
  4. Processing – Your file will be reviewed to assess credit, income, assets, appraisal, title, and insurance. Pelican State will order any other needed documents.
  5. Underwriting – The underwriter verifies all aspects of the application meet loan requirements. Any issues will be addressed.
  6. Closing – This final step makes it official! Sign the final documents, pay closing costs, and get your keys. Pelican State helps ensure smooth closings.

While the waiting can be difficult, Pelican State strives to make the process as streamlined and efficient as possible. Their experts guide you through every milestone.

Conclusion – Pelican State Credit Union Helps You Achieve Homeownership

In today’s competitive housing market, it’s essential to have the right lending partner who can make financing easy and affordable. Pelican State Credit Union has provided thousands of Louisiana families with low-cost mortgage loans, helping generations achieve the dream of homeownership since 1934.

With competitive rates, flexible terms, and customized financing, Pelican State has a solution for just about any homebuyer. Their local underwriting, below-market rates, and stellar service deliver a financing experience that’s fast, transparent, and hassle-free. Whether purchasing your first home or refinancing, you can count on Pelican State’s experienced team to guide you through every step.

Visit a branch, go online, or give them a call today to learn more about the home financing options available to you. Pelican State Credit Union is the trusted, not-for-profit financial partner that can make owning the home of your dreams a reality.

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